Interesting formations developing for BTC. A double bottom on the 0.38 Fib around 13k, followed by an inverted head and shoulders in the making. Resistance is the down trend line (at the neckline level) from where I expect it to retrace to form the right shoulder. If confirmed, it should break the neckline and test the 0.23 Fib level above, around the 15k mark.
More details on the 5 minutes chart:
More details on the 5 minutes chart:
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On the 3 minutes chart we can follow nicely the multiple inverted head and shoulders formations and levels:
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A little later, it seems the price needs another confirmation of the 13k level. We are in another cup down, towards the Fib level:
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Looking at the bigger picture, we have to see if the 13k Fib level will hold, otherwise we are going down to test the 11k mark (0.5 Fib) again, within another (bigger) cup down.
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Market changed its mind again, and the initial plan was confirmed: first target reached, now being tested with a double top. I expect a retracement now back to around 13.5 k level, to have the right shoulder completed:
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Ok, so the price broke the trend line for a while, then comes back towards the right shoulder. As a matter of fact, it seems the entire BTC is about head and shoulders and double bottom formations (you can see a smaller scale of a H&S for the right neck line)
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{image]
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and the picture :)
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Second move completed (right shoulder at $13500). Now let`s wait for the up movement and see if it has enough power to break the neckline around $14500 and go to the Fib level at $15700
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And here we are: trend line broken strongly with big bullish candles on the 15 minutes chart, so neck line at $14500 in play.Let`s see if it can reach the 15k Fib level
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All right ... hours later, we arrived at the neckline, $14500. This is the turning point ... will it go up, will it go down?
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It seems it went down, for the second scenario ... back to test the down trend line as support. More work needed until BTC resumes the uptrend